Renew Energy Global plc has reported a loss of 10.4 crore in the June quarter from a net profit of Rs. 42.5 crore a year ago.
The Nasdaq-listed renewable energy company attributed the weak quarterly performance to a one-time payment for loan premiums and the impact of the reclassification of a hedging loss. To refinance the bonds of USD 253.1 crore ($32 million) denomination with a low-cost loan of Rs.
“The net loss for Q1 FY23 was 10.4 million ($1 million) as compared to a net profit of 42.5 crores ($5 million) for Q1 FY22,” it said.
ReNew Energy operates in India through its unit, ReNew Power. The company’s total revenue in the quarter grew by nearly 49% from a year ago 2,507 crore. Adjusted Ebitda jumped nearly 50% 2,015.7 crore in Q1 FY23.
In an interview in June, chairman and chief executive officer Sumant Sinha said the company’s “strong growth” was continuing.
“We have given guidance for next year as well and we are talking about 20% growth rate in the current year as well, a year behind in which we have increased our capacity by 40%. We’re still talking about 20% additional growth on top of that. So, there will be very strong growth this year as well.”
As of June-end, ReNew’s portfolio comprised 12.9 GW, a 30% increase from a year ago, of which 7.6 GW has been commissioned and 5.3 GW committed. At the end of the quarter, it signed an additional 0.3 GW of power purchase agreements, expanding its total portfolio to 13.2 GW.
ReNew on Wednesday said it has signed a $1 billion project finance loan agreement with a dozen international lenders led by Rabobank. The company will use external commercial borrowing for its hybrid round-the-clock battery-enabled project.
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